Obama transfers $500M to Green Climate Fund in attempt to protect Paris deal

Obama transfers $500M to Green Climate Fund in attempt to protect Paris deal
Image: Official White House photo by Pete Souza

Barack Obama has heeded calls to help secure the future of the historic Paris agreement by transferring a second $500m instalment to the Green Climate Fund, just three days before he leaves office.

The fund was a key aspect of the Paris agreement signed in 2015, which aims to keep global warming “well below” 2C and aspires to keep warming to 1.5C.

Established in 2010, it is financed by wealthy countries and used to assistdeveloping countries with adaptation and mitigation. It was widely seen as a key measure to bring both rich and poor countries to the negotiating table.

The US committed to transferring $3bn to the fund. The new instalment leaves $2bn owing, with the incoming president, Donald Trump, expected to cease any further payments.

The move followed a large campaign, with more than 100 organisations and nearly 100,000 people calling for Obama to transfer the full $2.5bn owed to the fund.

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